Phoenix Investors Acquires 670K SF Industrial Facility In Kankakee For Capital Improvements
1551 East Willow Street
Building Size
670,000 SF
Asset Type
Industrial
Closing
Jan 29, 2026
AI
Phoenix Investors acquired a former Heinz Pet Food industrial facility located at 1551 East Willow Street in Kankakee. The property comprises 670,000 square feet and features significant attributes such as 87-foot clear heights and 41 dock doors. Additionally, the site has a power capacity of 43 MW.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 1551 East Willow Street
- Market: Kankakee
- Square Footage: 670,000
- Buyer: David M. Marks & Frank Crivello - Phoenix Investors
David M. Marks and Frank Crivello plan to implement capital improvements on the site. These enhancements include white-boxing, upgrading to LED lighting, and the addition of new dock doors, aiming to modernize the facility for either single or multi-tenant industrial use.
Players
Kankakee Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93